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Coinbase's Layer 2 network Base has hit a major milestone, surpassing 1 million daily active addresses for the first time. The network recorded 1.05 million active addresses on August 24th and maintained over 1 million the following day.This represents a 71% increase in active addresses over the past 30 days. Base is now well ahead of other major Layer 2 networks, with more active addresses than all its competitors combined.
Basenames Launch Drives Growth
A key factor contributing to this growth is the recent launch of "Basenames" on Base. Basenames are personalized on-chain identities built on the Ethereum Name Service (ENS) infrastructure. Over 200,000 Basenames have been minted in the first week, with 89% owned by unique users.
Trading Volume and TVL Surge
In addition to the Basenames launch, Base has seen a significant increase in trading volume on decentralized exchanges (DEXes). Its share of total DEX volume has grown from 6.4% to 9.5% since March 16th. The market cap of stablecoins on Base has also grown by 15% in the past 30 days.Base's total value locked (TVL), when measured in ETH, has increased by 7.3% in the past month. Its TVL currently stands at $6.46 billion, second only to Arbitrum's $15.7 billion.
Outpacing Competitors
Arbitrum, the largest Layer 2 network by TVL, had only 394,000 active addresses as of the weekend. Other competitors like Linea and Mantle had 198,000 and 69,700 active addresses respectively.Notably, Base accounts for 84% of the daily active addresses on Uniswap, the largest decentralized exchange. This strong adoption comes despite Base not having a native token, unlike other Layer 2 networks.In just over a year since its launch, Base has become the second-largest Ethereum Layer 2 network with a 17% market share.
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